We all know by now that Dixie Carter of TNA Wrestling was in talks to sell TNA to WWE, but one man who heard very little about the talk within the business was one of the part owners of TNA, Billy Corgan. There is a reason the man is suing TNA right now and trying to get them to release key information to him, it’s because he knows that he’s been lied to a lot.
Some assume that Billy Corgan was lied to since the beginning. It is likely he has, as TNA has been in debt for some time and most investors TNA may have attracted originally may have not been aware how far gone TNA was at the time. When you invest in the business, they may not have to tell you a lot about finances. However, once you become an owner like Corgan, then you deserve to know what the heck is going on.
Pro Wrestling Sheet was able to get their hands on the newly released documents regarding Corgan’s suit against TNA and what he asked about. Billy claimed that he reached out to TNA Executive Dean Broadhead about potential sale rumors, and on the 26th of September, he assured him the rumors of Dixie talking to anyone about selling was false. This despite several reports online from wresting reporters and insiders.
However, Billy Corgan claims production documents show that Dean did in fact send a WWE rep “certain due diligence materials that WWE had requested” just one day before he spoke to Billy. That means a TNA executive lied to a part owner of the business about major sales talks, which may very well violate several laws, possibly even federal ones.
He claims that Dixie Carter minimized his role in an email that clearly did not go to him. The following was claimed during the filing.
“When WWE raised issues relating to Corgan’s note in the course of their negotiations, Mrs. Salinas (Dixie) wrote: ‘I intend to pay the loan back in full plus interest prior to selling the company.”
Now this says a lot. It is basically pushing that Billy Corgan was going to get a pay off of the sale to WWE possibly, but just to pay the loan back that he was owed. The interest may be added simply because she would have money to sweeten the pot and make it easier for her not to get into federal troubles for not even discussing a sale with her partners, which Corgan technically is since he has a role in the business as a owner, though not at a controlling percentage. Yet he should still belong in sale talks as he would have to sell his percentage too if WWE were to buy.
It was reported that the last set of Impact Wrestling tapings scheduled for next month at the Hardy compound were postponed due to a lack of funds. Billy made this clearly true, which says a lot about where TNA is now and where they may not be this January. Due to all of this going around with Billy Corgan, TNA’s legal team filed a response to his accusations.
They claim that Corgan actually used his loan as a way to strong-arm himself into the role as TNA President.
“He then purported to use Ms. Salinas’s own voting power to terminate the individual defendants, including Ms. Salinas, from the company’s Board of Managers and install himself as Impact’s sole manager.”
TNA legal also claimed that Corgan is certainly attempting to “prevent the business from repaying his loan and to prevent Ms. Salinas from selling her controlling interest in the company to anyone else.”
“If plaintiff succeeds, he will next try to seize Ms. Salinas’s 92.5% interest in Impact and obtain true control of the company at a cost to him far below the amount at which he has recently valued the company and far below the company’s true value.”
First of all, in fairness to Corgan, if he did use his loan power to strong-arm his way up the chain, he did have a reason considering the major problems Dixie Carter has provided TNA as both an on-air character and controlling manager. He wanted to silence Dixie because of the major issues she brings to the table, and since she wanted to seemingly get out, why wouldn’t Billy want to become the sole manager of Impact Wrestling and TNA in general?
It seems both sides have major issues with the other. However, being lied to about a sale and possibly even finances and then not being paid back when you expected it for a while… it may give you some license to get inside the business and try to make the company better in hopes that funds might come in.
So is Billy Corgan the main issue in TNA or is that still Dixie Carter? It seems like Carter still comes out as the undisputed big bad in TNA to most.
[Featured Image by TNA Wrestling]